Cryptocurrency is arguably one of the biggest innovations in today’s global commerce. More people are now getting on board with this newest digital monetary medium due to the amazing benefits it can offer. If you are interested to learn more about cryptocurrencies and its advantages, continue reading this article.
The prefix “crypto” is extracted from the word “cryptography” which refers to the technology used to safeguard and hide information from attackers. Cryptography is renowned to be the method used in receiving and sending private messages by the Allied Forces in the late World War 2.
Cryptocurrency is basically a digital currency created through the use of the newest encryption technique called cryptography. The very first cryptocurrency was introduced to the public in 2009 through the form of Bitcoin.
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The Advantages of Cryptocurrency
1. Fraud Avoidance
Due to a number of fraud cases happening nowadays, it can be daunting to receive payments online and offline. And for that reason, you might want to learn more about cryptocurrencies.
Cryptocurrencies are impossible to counterfeit or reverse arbitrarily since it is purely digitized. Hence why, if you are receiving payments for your business through cryptocurrencies, you avoid the risk of being a fraud victim.
2. Faster Property Settlements
If you are purchasing a realty asset, you might need the help of a third-party authority such as a lawyer or a Notary which will typically take time to be completed. On the other hand, a cryptocurrency blockchain is like a property rights directory where you can design and enforce a contract to eradicate the need for third-party personnel.
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3. Data Safety
Credit cards are arguably prone to identity theft and fraudulence. If you are using your credit card for receiving payments, you are giving the other party the necessary details of your card line regardless of the amount involved. On the contrary, cryptocurrencies allow the holder to send the exact amount to the other person without having to provide further information.
4. Little to No Transaction Fees
One of the reasons why more people nowadays want to learn more about cryptocurrencies is because of its monetary advantages; one of which is the little to no transaction costs. Although cryptocurrency holders use third-party services such as Coinbase in order to complete transactions, most of these third-party services only charge relatively lower costs compared to the fees incurred in credit card transactions in Paypal.
5. Universal Recognition
Transactions made with cryptocurrencies are undeniably a lot smoother. Cryptocurrencies are not affected by global exchange rates and any other charges required by a certain country. Thus, anyone who uses cryptocurrency for financial transactions avoids the hassle for overseas money transfer regulations.
Although cryptocurrency is relatively a novice in the international business industry, the perks it can offer are undeniably far-reaching.
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